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Morning Report 16 Aug 24: S&P 500 and Nasdaq indexes notch six-day winning streak
US sharemarkets jumped on Thursday after readings on US retail spending and unemployment benefits, allayed fears of an imminent recession in the world's largest economy. Retail bellwether Walmart added 6.6% after raising its annual profit forecast for the second time this year as Americans flocked to its stores for inexpensive essentials. Cisco Systems rose 6.8% after it forecast better-than-expected first-quarter revenue and said it was cutting 7% of its global workforce. Nike climbed 5.1% as billionaire investor William Ackman built new stakes in the sportswear company. Ulta Beauty jumped 11.2% after Warren Buffett's Berkshire Hathaway acquired a stake in the cosmetics store chain. The Dow Jones index rose by 555 points or 1.4%. The S&P 500 index gained 1.6% and the Nasdaq index added 402 points or 2.3%, both notching six-day winning streaks.
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